Western Africa: Malt Market 2024

Malt Market Size in Western Africa

In 2022, the West African malt market decreased by -17.1% to $X for the first time since 2015, thus ending a six-year rising trend. The market value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2021, and then shrank significantly in the following year.

Malt Production in Western Africa

In value terms, malt production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 19%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Malt Exports

Exports in Western Africa

In 2022, approx. X tons of malt were exported in Western Africa; therefore, remained relatively stable against the previous year's figure. Overall, exports posted a measured increase. The pace of growth appeared the most rapid in 2014 with an increase of 598% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, malt exports amounted to $X in 2022. In general, exports saw slight growth. The most prominent rate of growth was recorded in 2014 when exports increased by 422%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X tons) and Benin (X tons) were the major exporters of malt in 2022, accounting for near 36% and 29% of total exports, respectively. Burkina Faso (X tons) ranks next in terms of the total exports with a 15% share, followed by Nigeria (10%) and Ghana (8.8%).

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +8.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest malt supplying countries in Western Africa were Cote d'Ivoire ($X), Burkina Faso ($X) and Benin ($X), together accounting for 87% of total exports. Ghana and Nigeria lagged somewhat behind, together accounting for a further 12%.

In terms of the main exporting countries, Nigeria, with a CAGR of +11.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, approximately equating the previous year. Overall, the export price showed a noticeable descent. The most prominent rate of growth was recorded in 2015 when the export price increased by 29% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+4.5%), while the other leaders experienced mixed trends in the export price figures.

Malt Imports

Imports in Western Africa

In 2022, purchases abroad of malt decreased by -41.8% to X tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 36% against the previous year. As a result, imports attained the peak of X tons, and then dropped remarkably in the following year.

In value terms, malt imports contracted to $X in 2022. Total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.3% against 2015 indices. The pace of growth was the most pronounced in 2014 with an increase of 25%. Over the period under review, imports hit record highs at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, Nigeria (X tons) was the largest importer of malt, constituting 47% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 17% share, followed by Ghana (8.6%), Togo (8.1%), Burkina Faso (7.7%) and Benin (4.8%). Guinea (X tons) took a relatively small share of total imports.

Imports into Nigeria decreased at an average annual rate of -1.4% from 2012 to 2022. At the same time, Togo (+8.8%), Burkina Faso (+5.6%), Cote d'Ivoire (+5.5%), Guinea (+2.7%) and Benin (+1.8%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +8.8% from 2012-2022. By contrast, Ghana (-2.8%) illustrated a downward trend over the same period. Cote d'Ivoire (+6.1 p.p.), Togo (+4.3 p.p.) and Burkina Faso (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Nigeria saw its share reduced by -3.7% and -11.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported malt in Western Africa, comprising 60% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with an 11% share of total imports. It was followed by Togo, with a 7.2% share.

In Nigeria, malt imports increased at an average annual rate of +3.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-0.6% per year) and Togo (+10.6% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, picking up by 56% against the previous year. Import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+4.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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